European leaders urge investment in Ukraine at Rome conference

European leaders opened the annual recovery conference on Ukraine held in Italy on Thursday by announcing a new equity fund and public-private partnerships in a push for investment in rebuilding Ukraine now, even as Russia intensifies its all-out war, now well into its fourth year.

Italian Prime Minister Giorgia Meloni and Ukrainian President Volodymyr Zelenskyy kicked off the proceedings in Rome as Russia pounded Ukraine’s capital with another major missile and drone attack overnight in some of the heaviest strikes on Kyiv since Moscow’s full-scale invasion began in early 2022.

The two-day event, taking place in Rome on Thursday and Friday, is jointly organised by Italy and Ukraine and is the fourth of its kind.

The summit aims to continue the global push for investment to support Ukraine’s reconstruction, three years since Russia’s full-scale war of aggression began.

It is also expected to finalise individual deals of guarantees and grants to unlock more than €10 billion in investments, Meloni said.

Fourth conference in Rome

The event includes a series of high-level political events and panel discussions on how policy, business and international cooperation can contribute to a sustainable recovery. A Recovery Forum and Business Fair are also part of the programme.

According to the World Bank, reconstruction and recovery of the country are expected to cost around €447 billion over the next 10 years.

Some 3,500 people are participating in the event, with a notable number of political leaders also attending the conference, including European Commission President Ursula von der Leyen and German Chancellor Olaf Scholz.

The United States will be represented by its special envoy for Ukraine and Russia Keith Kellogg.

More than 2,000 companies are expected to join the conference, along with representatives from civil society.

The timing of the conference is highly significant, as fighting continues in Ukraine, and diplomatic efforts to end Russia’s war remain stalled.

At least two people were killed and 16 others injured overnight on Thursday after Russia struck Kyiv with another mass missile and drone attack.

According to Ukrainian officials, the strike reportedly caused fires across the city and came a day after the heaviest aerial attack of Russia’s all-out war against Ukraine so far. 

For the third time in two weeks, Russia launched more than 700 assault and decoy drones at Ukraine on Wednesday, surpassing earlier nighttime bombardments.

While Kyiv continues to seek ways to defend itself against Russian aggression, it also faces the challenge of rebuilding its infrastructure while implementing reforms aligned with EU values on its path toward membership.